Transfer Existing Mortgage/Equity Release to another bank/ financial institution
Transfer Existing Mortgage/Equity Release to another bank/ financial institution
- Mortgage for Buying Residential Property Test
- Mortgages for First Time property buyers
- Mortgage for Buying Commercial Property
- Transfer Existing Mortgage/Equity Release to another bank/ financial institution
- Cash Finance at Low Rates against Existing Property
- Mortgages for Non UAE Residents
- Mortgage against Under Construction project
- Project Finance
Transfer Existing Mortgage/Equity Release to another bank/ financial institution
Given the fluctuations and variety in mortgage rates, it may turn out to be quite likely that you may be dissatisfied with your existing mortgage finance terms; and you may be considering transferring your mortgage commitment to another bank or financial institutions. This is yet another area where our experts at 4C can help you to make a well-informed choice. Remember that most banks and financial institution would like to retain you and hold you to your existing mortgage product. This explains why they set high mortgage transfer charges. Please be sure to review your existing agreement to understand the cost of transferring the mortgage.
Most people avail finance at expensive rates without tapping into the positive equity of their property.
At 4C, we can help you to get the funds that you need at attractive terms against your property's equity value even if your property is already mortgaged
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Where Can I Get Some?
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What are the costs associated with property purchase in Dubai ?
- The following are indicative costs associated with property purchase.
- Real Estate Broker Commission - 2% of property purchase price (indicative).
- Land Department Transfer Charge - 4% of property purchase price
- Land Department Mortgage Registration - 0.25% of the Finance Value
- Developer NOC Cost - varies from Developer to Developer
- Banks Processing Fee - 1% of Finance Value (varies from bank to bank)
- Property Valuation Fee - AED 3,000 (varies from bank to bank)
- Life Insurance Cost - To be indicated by the insurance provider
- Property Insurance - To be indicated by the insurance provider
- The following are indicative costs associated with property purchase.
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How much fee do you charge for your service?
- Mortgage Finance is a high value, long term financial decision and we understand that you will be incurring more than 7% of the property purchase price as transaction costs. Hence, we have priced our services nominally so we create a win - win situation. This keeps our team members motivated to provide the right service quality. We also run promotions from time to time, so we request you to please call and check for the latest offers. Given our hands on experience from within Mortgage Banking Industry, we do bring in a lot of value by helping you take an informed long-term financial decision.
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What happens when the property evaluation is lower than our property purchase price?
- We recommend you negotiate better when finalising the property and ask your broker to advise you on the recently traded prices of similar properties in your neighbourhood. In certain cases, you may even need to arrange extra cash to compensate for the shortfall in the property evaluation.